We offer all clients tax planning reviews and try to ensure that our clients only pay as much as they are legally obliged to and no more. We have included some tax tips below which provide general guidance on various tax saving strategies.
Deeds of Covenant Tax relief can be claimed on covenants made to permanently incapacitated individuals, however there is no relief from a parent to his/her incapacitated minor child. Tax relief can be claimed on covenants made to elderly individuals, aged 65 or over. Restricted to 5% of total income.
Employing your spouse in the business Employing a spouse who does not already have an independent income, usually creates tax savings.
Rent a room relief If you rent a room or rooms in your home to private tenants, the rental income you earn will be exempt from tax up to a limit of €14,000 per year.
Selling additional homes If you are selling a second or third home, you maybe able to reduce the capital gains tax by putting a value on the fixtures and fittings, as these are regarded as wasting chatels and no capital gains tax is due on these assets.